On January 1, 2017, Dwyer Company leases space for a donut shop. The lease is for five years with payments to be made at the beginning of each year The lease calls for Dwyer to pay $10.000 on January 1, 2017, $11,000 on January 1, 2018. $12.500 on January 1, 2019. $14.000 on January 1 2020, and $16.000 on January 1, 2021 Dwyer has adopted early ASC 842 and has appropriately classified the lease as an operating lease Dwyer has a calendar reporting year and an incremental borrowing rate of 8% Dwyer uses straight-line depreciation for its long lived assets. Ignore current and noncurrent classification for this exercise. Use tables (PV of 1, PVAD o 1 and PVOA : (Use the appropriate factor(s) from the tables provided.) Required: 1. What journal entries should Dwyer make at January 1, 2017 to record the effects of the lease? 2. Prepare Dwyer's amortization table for the leased shop 3. What journal entries would Dwyer make on December 31, 2017, to record the effects of the lease? 4. What is the balance of the right of use asset and the lease obligation on January 1, 2019, after Dwyer makes the rent payment? 5. What would be the balance of the right-of-use asset and the lease obligation on January 1 2019, after Dwyer makes the rent payment under IFRS 16? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg Req* and s What journal entries should Dwyer make at January 1, 2017, to record the effects of the lease? (If no entry is required for a particular transaction, select "No journal entry required in the first account field. Round your answers to 2 decimal places) View transaction list View journal entry worksheet